Mutual of America Capital Management LLC Lowers Stake in Garmin Ltd. (NYSE:GRMN)

Mutual of America Capital Management LLC lessened its position in Garmin Ltd. (NYSE:GRMN) by 3.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,390 shares of the scientific and technical instruments company’s stock after selling 691 shares during the period. Mutual of America Capital Management LLC’s holdings in Garmin were worth $3,159,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Epoch Investment Partners Inc. purchased a new stake in Garmin in the 4th quarter valued at about $54,460,000. Renaissance Technologies LLC purchased a new stake in Garmin in the second quarter valued at approximately $45,999,000. M&G Plc acquired a new position in Garmin during the first quarter worth approximately $38,727,000. SW Investment Management LLC purchased a new position in Garmin during the fourth quarter worth approximately $28,279,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Garmin by 28.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 862,527 shares of the scientific and technical instruments company’s stock valued at $110,869,000 after purchasing an additional 190,739 shares during the last quarter. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Buying and Selling at Garmin

In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the completion of the transaction, the insider now directly owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Garmin news, insider Cheng-Wei Wang sold 10,055 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now owns 40,965 shares of the company’s stock, valued at approximately $7,257,359.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Philip Straub sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now directly owns 88,622 shares in the company, valued at $16,081,348.12. The disclosure for this sale can be found here. Insiders have sold a total of 12,892 shares of company stock valued at $2,296,174 in the last three months. Corporate insiders own 19.54% of the company’s stock.

Garmin Stock Performance

Shares of NYSE:GRMN opened at $175.81 on Tuesday. The business’s 50-day simple moving average is $174.60 and its 200 day simple moving average is $162.87. The company has a market cap of $33.77 billion, a P/E ratio of 24.80, a PEG ratio of 3.16 and a beta of 1.00. Garmin Ltd. has a one year low of $99.61 and a one year high of $184.42.

Garmin (NYSE:GRMN) last released its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.18. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.42 billion. Garmin had a net margin of 24.36% and a return on equity of 17.09%. The business’s revenue was up 14.3% on a year-over-year basis. During the same period last year, the business earned $1.45 EPS. Analysts predict that Garmin Ltd. will post 6.05 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on GRMN shares. Tigress Financial increased their target price on Garmin from $210.00 to $215.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 19th. Barclays downgraded Garmin from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $181.00 to $133.00 in a report on Friday, September 13th. Finally, StockNews.com cut Garmin from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Garmin has an average rating of “Hold” and an average target price of $152.17.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.